21:15
Feel like I can finally stop holding my breath!! Whew!!!
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Simple English definitions for legal terms
bareboat charter
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A quick definition of bareboat charter:
A bareboat charter is when someone rents a boat or ship and takes full control of it, like they own it. The person who rents the boat is responsible for everything, like the crew and insurance. This is different from other types of charters where the boat owner still has some control.
A more thorough explanation:
A bareboat charter is a type of charter where the shipowner gives control of the vessel to the charterer. The charterer takes on many of the shipowner's responsibilities and rights. They provide the personnel, insurance, and other materials needed to operate the vessel. This type of charter is also known as a demise charter.
For example, if a company wants to transport goods across the ocean, they can enter into a bareboat charter with a shipowner. The shipowner would give them control of the vessel, and the company would provide the crew and pay for all operating expenses.
Another example is a person who wants to rent a boat for a vacation. They can enter into a bareboat charter with the boat owner. The boat owner would give them control of the boat, and the person would provide the crew and pay for all operating expenses.
These examples illustrate how a bareboat charter works. The charterer takes on many of the shipowner's responsibilities and rights, including providing the crew and paying for all operating expenses. This type of charter is useful for companies or individuals who want to have more control over the vessel and its operations.